Allowed

Punjab National Bank v. Sh Baldev Singh

DRT27 Sept 2024OA/1604/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant bank's application under Section 19 of the RDB Act for recovery of dues. The Bank proved the existence of a loan secured by agricultural mortgage. An ex parte order was passed as the defendant failed to appear. The application was disposed of with a direction to issue a recovery certificate.

What did the court decide?

Recovery of Rs.22,96,454.64 with interest allowed via sale of mortgaged agricultural land; Recovery Certificate issued.

Punjab National Bank versus Sh Baldev Singh — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 1604/2022 Date of Institution: 01.08.2022 Date of Decision: 27.09.2024 Punjab National Bank, a branch at Talwandi, Rai Dadu, District ……..Applicant Vs.

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Punjab National Bank, a branch at Talwandi, Rai Dadu, District Amritsar.

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Sh. Baldev Singh S/o Sh. Hardeep Singh, R/o Village Bhoewali, Tehsil Ajnala, District Amritsar.

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……….Defendant

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Advocates

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Sh. Manish Singla, Counsel for the applicant bank. Defendant – ex parte

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OA for the Recovery of Rs.22,96,454.64p with interest @10.75% per annum with half yearly rests from 01.08.2022.

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ORDER

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Punjab National Bank, (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.22,96,454.64p with interest against Sh. Baldev Singh (defendant).

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Bank’s case is that on 14.09.2015, it had granted a KCC Limit of Rs.20.00 Lacs to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his agricultural land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @10.75% per annum with half yearly rests. On 01.08.2022, a sum of Rs.22,96,454.64p was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 24.08.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 02.05.2023, he was proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Ramesh Kumar, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-10. 5. I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the loan of Rs.20.00 Lacs and on 01.08.2022, a sum of Rs.22,96,454.64p was due. 6. Accordingly, the application of the bank for the recovery of Rs.22,96,454.64p (Rupees Twenty Two Lacs Ninety Six Thousand Four Hundred Fifty Four and Paisa Sixty Four Only) with interest @10.75% per annum with half yearly rests from 01.08.2022, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged agricultural land fully detailed in para No.3(A) of the application as well as from the personal movable and immovable property(ies) of the defendant. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 28.10.2024, who is directed to distribute the sale proceeds of the mortgage land and standing crops as per the provisions of Section 19(20AB) of the Act . 10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open court. (A S Narang) Dated: 27.09.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank v. Sh Baldev Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sh Baldev Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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